[ANN][MGT] Magnetz - Blockchain Torrents - Piratebay Replacer. (ICO, x13)

[MAGNETZ]

Hi @MAGNETZ devs  
Can you please explain us why the ICO is from about 55BTC? Where's going to go that investment? Just to pay devs work or to innovate and work ina the community?

IMAO 55BTC for development purposes it's too much, so could be interesting to know where or how you're going to use that 55BTC (or the ones that you earn with the ICO) to know if that's a real and useful project.

I don't want to see another scam-coin, but I like your idea! so more details can help investors to decide if it's good to invest or not, you know  
Thanks!

Good question, we will add this info to the OP.
The ICO funds will be mainly used for 3 things:
-Pay for the blockchain torrent search engine development and maintenance (this is the key to the success of the project).
-Marketing and promotion funds.
-Hire a community manager.

Don't forget that we will put a 55 btc buy wall @ ico price so investors can be sure magnetz doesn't lose value after the ico.
The dev team will be taking the funds out of that buy wall as they are needed.

In the future and sometime after the website is up we will support the project with the website advertising revenue.

[MAGNETZ]

We have sent the code for review (ocminer) and are waiting for @CryptoAsian to start the PoD process.

[spartak_t]

We have sent the code for review (ocminer) and are waiting for @CryptoAsian to start the PoD process.

Sounds good.

[franckuestein]

-snip-

Good question, we will add this info to the OP.
The ICO funds will be mainly used for 3 things:
-Pay for the blockchain torrent search engine development and maintenance (this is the key to the success of the project).
-Marketing and promotion funds.
-Hire a community manager.

Don't forget that we will put a 55 btc buy wall @ ico price so investors can be sure magnetz doesn't lose value after the ico.
The dev team will be taking the funds out of that buy wall as they are needed.

In the future and sometime after the website is up we will support the project with the website advertising revenue.

Thanks for your response, guys!
I can understand that you need to fund the development and marketing, but do you really think that this is worth ~18287.91$ (at current price?) ~330USD

IMAO that's ok but with an "interesting" and "huge" 55BTC ICO it's difficult to believe that you're going to maintain the 55BTC wall, could be interesting to have an screenshot or preview of the wallet to know in which you're working 
Confidence is going to increase if we see the development that's going on 

[MAGNETZ]

-snip-

Good question, we will add this info to the OP.
The ICO funds will be mainly used for 3 things:
-Pay for the blockchain torrent search engine development and maintenance (this is the key to the success of the project).
-Marketing and promotion funds.
-Hire a community manager.

Don't forget that we will put a 55 btc buy wall @ ico price so investors can be sure magnetz doesn't lose value after the ico.
The dev team will be taking the funds out of that buy wall as they are needed.

In the future and sometime after the website is up we will support the project with the website advertising revenue.

Thanks for your response, guys!
I can understand that you need to fund the development and marketing, but do you really think that this is worth ~18287.91$ (at current price?) ~330USD

IMAO that's ok but with an "interesting" and "huge" 55BTC ICO it's difficult to believe that you're going to maintain the 55BTC wall, could be interesting to have an screenshot or preview of the wallet to know in which you're working  
Confidence is going to increase if we see the development that's going on  

We are open to hear from the community, how much do you think the ICO should be worth?
We will launch with an walilet ready to display torrent files, then after some days of network stability and testing we will start adding magnet links and then let users add magnet links (as stated in the roadmap).

EDIT: If we are going to reduce the ICO, part of the funding plan will need to be cut-off, the only part that can have reduced funding is the marketing campaign. We don't want to cut funding on the blockchain search engine part. That's the center of the project and a high-quality website is what we are aiming for.

[spartak_t]

Basically ICO price is not that high, but you must deliver something really huge to maintain it (or allow it to rise). Cutting funds for marketing is the biggest mistake that you can make. You may have 8923723 features, but what is the meaning if no one hear about them? 

[franckuestein]

-snip-

We are open to hear from the community, how much do you think the ICO should be worth?
We will launch with an walilet ready to display torrent files, then after some days of network stability and testing we will start adding magnet links and then let users add magnet links (as stated in the roadmap).

EDIT: If we are going to reduce the ICO, part of the funding plan will need to be cut-off, the only part that can have reduced funding is the marketing campaign. We don't want to cut funding on the blockchain search engine part. That's the center of the project and a high-quality website is what we are aiming for.

I understand what you mean, maybe is not cutting of the ICO is just explaining in a detailed way all the things in which you're working to let people know that the 55ICO bitcoins are going to be entirely for development and not to fund your holidays in the bahamas  

I think that's not the case!! because you're very involved with the thread and your social community, but as I've said transparency is very important to decide if believe or not   (in my opinion, of course)

50BTC ICO could be a good target because it's not too low and marketcap could increase easily, development is clearly insured and people believes a little bit more because they know what's going on in development  
Remember that's just my opinion, haha!

[MAGNETZ]

Hey guys! Let's discuss this. As suggested by franckuestein we created an IRC channel. Please join us! http://webchat.freenode.net/?channels=magnetz

[ocminer]

Code received and reviewing, everything looks good at this point.

[marcoman22]

We have sent the code for review (ocminer) and are waiting for @CryptoAsian to start the PoD process.

I am looking forward to it and I hope things will go smooth.

[bittrex-matthew]

Check your messages OP.

[popolite11]

When will it get started.

[MAGNETZ]

When will it get started.

There's a countdown in the top of the OP. We are launching in 3 days (26/12/14).

[MystPhysX]

So you want 55BTC to develop the main selling point of the coin without a solid proof of concept.

What you have right now is an x13+ocminer codebase which is 0.5BTC total and an OP from a Newbie account.

You are in the process of getting a POD from CryptoAsian which holds no real value as scams have happened even with POD, most notably Equinox which was for a similar ICO amount.

There have been too many ICO and IPO scams in the past few months for 1000s of BTC. I believe the responsibility for proving you are not about to scam us lies on your shoulders.

As such, please provide an explanation for your current and future investors as to why you believe they should trust you with their money.

[MAGNETZ]

So you want 55BTC to develop the main selling point of the coin without a solid proof of concept.

What you have right now is an x13+ocminer codebase which is 0.5BTC total and an OP from a Newbie account.

You are in the process of getting a POD from CryptoAsian which holds no real value as scams have happened even with POD, most notably Equinox which was for a similar ICO amount.

There have been too many ICO and IPO scams in the past few months for 1000s of BTC. I believe the responsibility for proving you are not about to scam us lies on your shoulders.

As such, please provide an explanation for your current and future investors as to why you believe they should trust you with their money.

First of all I wanna thank you for reposting this with a less aggressive tone.
The team is aware of the recent ICO scams and getting PoD certificate from CryptoAsian is just the first step to assure the community Magnetz is here to stay, Magnetz will deliver a wallet with torrents tab at launch and a torrent search engine less than 2 weeks after, the team will start adding torrents to the blockchain just 1-2 weeks after the blockchain is moving, we don't want to gain the community trust with PoD's, we'd rather gain it with our actions and constant tech deliveries.
Please read our roadmap for more info and follow us on twitter.

[sasha35625]

great idea, pls do it right, it can work

[magente67]

hey, I usually hang around ccex and created this account just to say ill be investing some btc!

When is the launch happening?
what should I expect to be ready at launch? and when will i be able to add torrents to the blockchain? how will you censor child porn and stuff like that?

[MAGNETZ]

hey, I usually hang around ccex and created this account just to say ill be investing some btc!

When is the launch happening?
what should I expect to be ready at launch? and when will i be able to add torrents to the blockchain? how will you censor child porn and stuff like that?

Now that is a good question!
Users won't be able to straight add magnets link to the blockchain, we will have a manual filter (semi-manual in the future) to censor all the illegal entries.
At launch we are delivering a wallet that is ready to search for the magnet links in the blockchain (keep in mind that magnet links will only start being added 1-2 weeks after the launch).
There's a launch countdown on top of the OP.

[billotronic]

You know it would be a lot less scammy if your ICO release was based on actually having any of your torrent integration actually in the client AND working. Otherwise this is just another pipe dream scam and we already have enough of them.

[MAGNETZ]

You know it would be a lot less scammy if your ICO release was based on actually having any of your torrent integration actually in the client AND working. Otherwise this is just another pipe dream scam and we already have enough of them.

Hey! At launch the torrent integration will be in wallet and working, the possibility to add torrents will only come when the website is live though (and we will add some as an experiment in the beginning of January).